TODAY.AZ / Business

Club of investors to finance startups in Azerbaijan

20 August 2018 [13:45] - TODAY.AZ

By Azernews


By Rashid Shirinov

A club of investors will be set up in the near future in Azerbaijan to finance start-up projects, Azerbaijani Transport, Communications and High Technologies Minister Ramin Guluzade said on August 17.

He made the remarks at a meeting with the winners of the 6th grant competition held by the State Fund for Development of Information Technologies.

Guluzade said that all efforts are aimed at ensuring that Azerbaijani startups can always use alternative sources of funding.

“To date, 903 innovative projects have been presented within the grant competitions being held by the State Fund, 117 of which have been provided with grants. Among the implemented projects, 20 have been commercialized,” the minister noted.

He assumed that the issued grants play an integral role in building start-up businesses.

Thus, Azerbaijan financed more than 100 start-up projects selected by the State Fund for Development of Information Technologies through grant competitions, and five projects were selected within the recent 6th grant competition, according to Guluzade.

According to the decision of the Supervisory Council of the State Fund, the “Virtual Surgery” project was issued a grant in the amount of 29,000 manats ($17,009), the “Ready for School” project – 16,000 manats ($9,384), “Setti”– 15,000 manats ($8,798), joinb2b.com– 14,000 manats ($8,211), and “Smart Toys” project – 11,000 manats ($6,452).

In general, 149 projects were submitted to the competition, of which 138 projects passed the initial examination. About 39 projects passed the comprehensive expertise of startups, and as a result, the Supervisory Council decided to finance five projects.

The State Fund for Development of Information Technologies was established by the presidential decree dated March15, 2012. It operates under the Ministry of Communications and High Technologies of Azerbaijan.

The main objectives of the Fund are conducting of the state policy on development and support of small enterprises in scientific-technical sphere, providing them with direct financial assistance, training, which in turn will contribute to the creation of new jobs in the country.

URL: http://www.today.az/news/business/173045.html

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